Abrasive is abrasive, I think it would work.
When I used dry powder I mixed it with petroleum jelly.
I think silicone is the base on the commercial stuff, it's sold as food grade lubricant since silicone is non-toxic, so it's easily available.
Yup, I just looked at the can and it's silicone binder.
A jar of vasoline stinks, and it dries out over time, but it's not like you are leaving it on after you are done and it's cheap, available everywhere.
I stay away from aluminum oxide abrasive.
Aluminum oxide is REALLY sharp, and for a polish abrasive it's HARD, has a tendency to imbed in the steel (and anything else you use it on).
I actually perfer silicone carbide, cuts VERY cleanly & evenly, so I would think you are good to go!
This is a machinist thing, it's super difficult to get a polish when the abrasive gouges & imbeds in the work piece.
It's cheap, but there are other abrasives that work better that aren't too much more expensive.
There is a reason Emery cloth is still made, it just works better for polishing & finishing than aluminum oxide.
I usually start out with a finer abrasive, if you find a spot that needs serious cutting, you can switch to a heavy cutter without remaking the slug.
You can go up in size, but not down. New, fresh slug for finer abrasive every time.
With modern barrels, you can start with about 320 to check for tight spots, and if you don't find one, 320 leaves a pretty good finish for break in.
Find a tight spot, you might want to work that spot with something heavier, but many times 320 will do it all.
You can go completely OCD, use 600 and get a super fine finish, but I can't see much of a point.
The idea is to leave a finish that is as true & fine enough the bullets finish it without issues.
Serious gouges are hard on bullets and continue to damage the barrel until you fire enough soft copper to round them over.
Round them over, or lap them out entirely in the beginning, and you bullets don't get damaged.
Nothing like raking a bullet over a file under extreme pressure and wondering why the bullets stray off all over the place, or undersizing a bullet in a tight spot and having it rattle loose down the barrel to the muzzle and wondering why they stray off...
This is personal preference...
I usually lap from the chamber. It's more difficult to do and you want to drill out a fired brass head so the rod/slug will fit through it. This protects the chamber.
By working from the chamber the barrel tightens as the bullet moves from chamber to muzzle.
If the barrel is in a receiver, this can be difficult for guys that can't remove the barrel correctly.
If you hit a really tight spot, working from the muzzle might be required, but be sure to protect the crown!
Re-crown isn't expensive or difficult, but it removes finish, and adds work/tools needed.
Lapping won't screw up the 'Throat' of the chamber if you keep the rod reasonably stright.
I use a rag on the rod, holding it in place with the 'Guide' hand, and I rotate the rag so it keeps wiping.
You get some play from the chamber, but from the muzzle you MUST keep the abrasive off the rod/crown contact.
Small bores are a pain in the butt, but .30 cal allows you some space for a rag or tape inside the crown for extra protection.
I find it easier to work from the chamber and NOT completely exit the muzzle.
Here is another tip, slip a pill bottle over the muzzle and tape it into place.
This will allow you a stop for the rod.
Duct tape on the rod for a depth indicator keeps you from overrunning your stroke.
When I find a tight spot, I tape the rod so while I'm working the tight spot I don't overrun it.
This is all common sense stuff, you will figure it out pretty quickly!
It can save a 'Bad' barrel, it can make most barrels easier to clean, it *Might* make a good barrel even better, but there is no guarantee, but I've never seen moderate lapping make a barrel worse.
Better barrel makers lap as a service to the customer, and if it didn't have benefit they wouldn't do that.
Since you are working with an abrasive so fine you need a micrometer or microscope to measure it, and the slug is a fixed size, you certainly aren't going to remove enough material to damage the barrel unless you go WAY overboard...
Try it, see what you think!